Name: Lyka Jane T. Diaros.

Course/Year/Section: BSAcc-3C
Subject: Economic Development Professor: Manuel S. Tan Jr.

TASK 1:

1. Why is it necessary for us to understand economics?

It is very essential for us to understand economics in order for us to meet the unlimited needs
and wants and demands of humans by wisely utilizing the limited resources in the economy.
Understanding it, can help to improve living standards of human beings.

2. Considering the kind of lifestyle your family now has, is there still a room to improve it?

Yes there is still a room for improvement in my family’s current situation. In order to
improve it, each member of the family must be responsible enough in managing the way
we spend and the way we use our resources. We must live within our means or if
possible, below our means and save something and should not live beyond it to avoid
having debts that may cause additional obligation of the family.

3. What maybe the factors hindering your family’s movement to a higher standard of living,
what can still be done, what are the things we have neglected?

Due to my observation, the factors hindering my family’s movement to a higher standard

of living are: the size of our family, (we are 3 children in the family and all of us are
studying) , the growing needs of the family, my parent’s unstable jobs, the level of our
expenditures, and the source of income is affected due to the pandemic. Our family
neglected to manage our ways of properly utilizing our resources and neglected to have
budgeting strategies. In order to cope with these hindrances to attain better standard way
of living, my family should learn to allocate our resources in accordance to our urgent
needs to avoid debts and additional obligations of the family.

TASK 2: Look at the picture provided. Critically compare the two scenarios provided therein
and answer the following questions.
 What are the similarities
between the two pictures
presented?
1. They have the same number of
family members.
2. Both have homes.
3. Both have means of
transportation. (The other family
has car the other one has bicycle)
4. Both have pets at home.
5. Both children in their respective
family have toys to play.
What are the differences?
1. They differ in the size of house.
2. They differ on the costs and
qualities of clothes they are
wearing.
3. The other family has luxurious
car while the other one has none.
4. The other family has more
money to buy the things they want
in life.
5.The other family can afford to
send their children at school for
education.
What insights do I have
regarding the comparison?
1. The two family pictures above
differ in economic status.
2. The other family has more
money to buy their wants and
preferences in life but the other one
can afford only to buy their needs.
3. The first family has the means to
send their children at school they
want while the other family maybe
can afford only to send their
children to a government school.
4. The parents of the first family in
the picture maybe has stable jobs
so they have more progressive way
of living compared to the second
family.
5. The first family has more
income because they have stable
jobs compared to the second one
having only contractual works or
has no stable source of income to
sustain the needs of the family.